RIYADH: Saudi Arabian Fertilizer Co. (SAFCO) said on Sunday its second-quarter net profit fell 11.6 percent from a year ago, missing analysts' forecasts, as higher sales volumes were undermined by low prices.
The company, a unit of Saudi Basic Industries Corp. (SABIC), one of the world's biggest petrochemical companies, said it made SR693 million ($185 million) in the second quarter, compared to SR784 million riyals a year ago and SR932 million in the first quarter.
A group of 11 analysts polled by Reuters had forecast on average that SAFCO would make SR788 million.
The company said in a bourse statement that the fall in net income over the second quarter of last year was due to low prices for the fertilizer urea, but that overall sales volumes had risen.
SAFCO net profit falls 11.6 percent
